Greggs PLC
05 August 2005
5 August 2005
GREGGS plc
INTERNATIONAL FINANCIAL REPORTING STANDARDS
Greggs is preparing for the adoption of International Financial Reporting
Standards ("IFRS") as its accounting basis for the 52 weeks ending 31 December
2005. As part of this process, Greggs is presenting today financial information
prepared in accordance with IFRS for the 53 weeks ended 1 January 2005 and at
the transition date of 28 December 2003. The interim results for the 24 weeks
ended 18 June 2005 under IFRS are also released today and are available on the
Group's website www.greggs.plc.uk.
The impact of the adoption of IFRS on the results for the 53 weeks ended 1
January 2005 is as follows
IFRS UK GAAP % change
£'000 £'000
Operating profit 45,763 44,714 +2.3%
Profit after tax 32,277 31,587 +2.2%
Total recognised income
and expense attributable
to shareholders 31,645 31,587 +0.0%
Diluted EPS 267.7p 262.0p +2.2%
Shareholders' funds 157,156 157,158 +0.0%
The primary changes to the reported financial information from the adoption of
IFRS are as follows:
Income statement
• Inclusion of an estimated fair value charge for outstanding employee share
options which reduced profit for the period by £0.1 million
• Recognition of a lower annual cost in the actuarially assessed pension
liability which increased profit for the period by £0.8 million
• Net increase in profit for the period £0.7 million.
Balance sheet
• Recognition of actuarially assessed pension liability which net of the
deferred tax effect amounted to £7.7 million reduction in net assets and
reserves
• Recognition of dividends as they are declared which increased net assets
and reserves by £7.9 million
• Restatement of certain items of property, plant and equipment to fair
value as deemed cost at the transition date which net of the deferred tax
effect increased net assets and reserves by £0.5 million
• Recognition of deferred tax liabilities on rolled over capital gains which
decreased net assets and reserves by £0.8 million
• Overall net assets and reserves virtually unchanged.
The detailed information underlying this summary is contained in the separate
document attached and also published on our website.
ENQUIRIES:
Greggs plc gcg hudson sandler
Malcolm Simpson, Financial Director Wendy Baker / James Hill
Richard Hutton, Group Financial Controller Tel: 020 7796 4133
Tel: 020 7796 4133 on Friday, 5 August only keithhann.communications
0191 281 7721 thereafter Keith Hann
Tel: 07831 521870
This information is provided by RNS
The company news service from the London Stock Exchange
Translate
